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How Many Accounts Did You Blow Before You Got It Right?

  • #21
  • Jun 13, 2012 12:31am Jun 13, 2012 12:31am
i think at least 95% blew at least one account
  • #22
  • Jun 13, 2012 12:34am Jun 13, 2012 12:34am
Quoting diggo
Unfortunately that's the trap most newbies fall into, myself included.
thats because forex was marketed as a get rich quick thing.
  • #23
  • Jun 13, 2012 6:09am Jun 13, 2012 6:09am
After trading for 18+ years, I can honestly say I toasted a handful of accounts... in both Commodities and Forex. It's rare that a person hits the ground running and never trips up... and even greater the chances against them never running face first into a wall they "ignored" in front of them.

Learning from mistakes and foolishness is a step in the right direction... pounding your head in the same spot repeatedly... not so good a plan of action. Identify your weakness and errors and correct them and the result of consistency will be achieved.

GLGT
  • #24
  • Jun 13, 2012 6:26am Jun 13, 2012 6:26am
Zero...you need to have some really bad MM to blow an account.
  • #25
  • Jun 13, 2012 6:42am Jun 13, 2012 6:42am
Quoting zznbrm
Zero...you need to have some really bad MM to blow an account.
In your entire career starting from ignorant?

Well maybe you can call yourself the .005% of all traders in the world then

Myself blown many ball park 35k to learn what i know about Gann trading, guess i pay to learn and try to understand. cant be afraid to invest in trading
"Millionaires don't use astrology, billionaires do"
  • #26
  • Jun 13, 2012 6:44am Jun 13, 2012 6:44am
I know one institute in US which costs 50k to teach forex trading....so blowing account is not that bad if u really learn, instead of paying it as a fees.
Trade responsibly
  • #27
  • Jun 13, 2012 6:45am Jun 13, 2012 6:45am
More than 10+ --- > 10+
  • #28
  • Jun 13, 2012 6:48am Jun 13, 2012 6:48am
Quoting PoundTrader
i see where your comming from, the reason why new traders use high leverage is because there account is small and they want it to grow quick, when your trading millions it's much easy to trade 1-3x leverage.
Correct me if I am wrong, but leverage is irrelevant if you use proper mm and risk tolerance.
  • #29
  • Jun 13, 2012 6:53am Jun 13, 2012 6:53am
Quoting harry23
Correct me if I am wrong, but leverage is irrelevant if you use proper mm and risk tolerance.
leverage is part of MM
  • #30
  • Jun 13, 2012 6:56am Jun 13, 2012 6:56am
This is going to be an interesting thread for sure.

Everyone says moneymanagement LOL. If someone who is basically any blue collar worker trying to get ahead, delving into the unknown what does that person know about MM unless he learns by being humbled about leverage and over exposure, or playing all these dumb ass systems within the realms of tading.
Unless your a chess grand master OR have very deep pockets the orderflow will take your money.
"Millionaires don't use astrology, billionaires do"
  • #31
  • Jun 13, 2012 6:59am Jun 13, 2012 6:59am
Quoting OrionsWay
This is going to be an interesting thread for sure.

Everyone says moneymanagement LOL. If someone who is basically any blue collar worker trying to get ahead, delving into the unknown what does that person know about MM unless he learns by being humbled about leverage and over exposure, or playing all these dumb ass systems within the realms of tading.
Unless your a chess grand master OR have very deep pockets the orderflow will take your money.
sound like me when i first got started. not knowing the traits of trading you will lose 100% of the time.
  • #32
  • Jun 13, 2012 7:00am Jun 13, 2012 7:00am
Don't Forget To Vote
  • #33
  • Jun 13, 2012 7:03am Jun 13, 2012 7:03am
Quoting OrionsWay
This is going to be an interesting thread for sure.

Everyone says moneymanagement LOL. If someone who is basically any blue collar worker trying to get ahead, delving into the unknown what does that person know about MM unless he learns by being humbled about leverage and over exposure, or playing all these dumb ass systems within the realms of tading.
Unless your a chess grand master OR have very deep pockets the orderflow will take your money.
This is what I have printed out and hung over my monitors:

REMEMBER, THIS IS SCALPING, DO NOT BE BE GREEDY!!

ALWAYS TRADE WITH H1 CANLE COLOR

TRADING WITH D1 CANDLE COLOR IS SAFER THAN TRADING AGAINST

ONLY ENTER BREAK TRADES ON BAR 2 OF A RUN WHEN PRICE IS AT THE
HIGHEST HIGH OR LOWES LOW OF THE PREVIOUS 3 BARS

ALWAYS CHECK THE NEWS EVERY HOUR BEFORE TRADING

THERE IS NO TREND OTHERWISE THE MARKET WOULD NOT EXIST

TRADING IS GUESSING, WHY ELSE WOULD YOU NEED A STOP LOSS?
  • #34
  • Jun 13, 2012 7:09am Jun 13, 2012 7:09am
11 accounts, totaling the amount of $ 1500. It may be small, but I save my salary for this business so losing is heartbreaking.
  • #35
  • Jun 13, 2012 7:14am Jun 13, 2012 7:14am
2 came close to a 3rd and 4th time, but made it through
  • #36
  • Jun 13, 2012 8:02am Jun 13, 2012 8:02am
Quoting zznbrm
Are you suggesting that 99.995% of traders have blown an account? That seems a little exaggerated to me.

I simply learned early on that there needs to be a proper balance between risk and reward. It's really nothing more than simple math.
I am suggesting that maybe exaggerated a bit BUT most all do not enter into this venue with such a level balanced consciousness, 95+ % of the human populations are filled with demons. These attributes take time to overcome. Whether your trading or any other thing under the sun, for someone to have such control over their entirety is pretty rare Good Job

Harry what did you do before you had such rules in place, clearly brand new to the game such rules do not exist, perhaps developed paper trading?
"Millionaires don't use astrology, billionaires do"
  • #37
  • Jun 13, 2012 10:11am Jun 13, 2012 10:11am
3 but only time will tell after today maybe 4 is on the horizon!!!
  • #38
  • Jun 13, 2012 10:48am Jun 13, 2012 10:48am
Quoting zznbrm
Funny...now I'd say 99.995% are filled with demons!!!!




Oh, not me...I'm just a guy with lots of demons who has never blown an account.

Thread starter: I'll delete these OT posts...I promise!
Oh how i wish upon a little star i always played it safe and not like a wild card, but then again what and where would we know and been in life. Wisdom comes from pitfalls. Although sometimes i learn from someone elses wisdoms. me Hahaa. Wish i had knew some ppl when i started, not gonna live long enough to make all the mistakes in life. Good luck with them demons bro
"Millionaires don't use astrology, billionaires do"
  • #39
  • Jun 13, 2012 11:00am Jun 13, 2012 11:00am
Shooot.... My man forexsaint is the record-setter. He's tossed a couple dozen accounts in the 100 Fold thread alone..... Well, He's still well in profit overall in that challenge too, go figure.
  • #40
  • Jun 13, 2012 11:18am Jun 13, 2012 11:18am
Thankfully none on forex.

1 on stocks
1 on binary options.

Blowing it on FOREX is not an option (hopefully).

I agree with some comments here about overleveraging, thats totally true but at the end of the day is all about the right mindset. Don't have that, and consider yourself screwed.

Currently working on that, but we all know how hard it is sometimes to control greed or fear.
"Trading: the hardest easy money you're going to earn." -Mark Douglas.
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